Life insurance market is open to foreign companies

The Chinese authorities have opened up the life-insurance sector to foreign companies, which could market health, group and pension products.
This move comes as a result to the agreements that paved the way for China’s adherence to the World Trade Organization in 2001. Foreign insurers will have access to a market worth 50 billion USD and whose annual growth may reach 20%.
Apart from life-insurance contracts, the insurers will also be able to open branches at cities of their choosing. So far, foreign insurers have held 2.5% of the shares of the Chinese life-insurance market.
Once these restrictions are lifted, the Chinese market, ranking third in Asia, would jump to the second position of the world’s ranking behind USA.